QuickBooks Month End Close

Quickbooks Month End Close Procedure and Checklist for Small Business Accounting

Month End Close Tips and Tricks


What is a Quickbooks month end close? Basic steps include

  • Record deposits
  • Entering vendor payments
  • Bank Reconciliation
  • Review financial balances
  • printing and saving month end reports
  • Lock the current accounting period.


Each month Small Businesses should complete these steps to confirm all transactions are entered and reflected in the financial reports. This process when performed in a timely manner will support decisions made for the business based on financial reports.

Tips and tricks – QuickBooks System Requirements

The bank reconciliation is one of the most important steps. Remember to complete this each month in your QuickBooks company file.

QuickBooks accounts to reviewed and reconciled each month

  • Cash
  • Accounts Receivable
  • Inventory
  • Accounts Payable
  • Gross Wages

If you are a larger company there may be additional accounts that need to be reviewed for accuracy each month such as fixed assets, prepaid expenses, loan accounts and tax liabilities. If you are distribution or manufacturing company it may include WIP, Finished goods and cost of goods sold. For a month end close checklist follow the links below to request a month end close checklist in excel for your small business.

Request QuickBooks Month-End Close Checklist

View QuickBooks Quarter End Close Checklist

View QuickBooks Year End Close Checklist

Here’s how to close the books:

  1. Choose the Gear icon and select Company Settings.
  2. Choose Advanced.
  3. In the Accounting section, click on the Edit icon.
  4. Check the box labeled Close the books.
  5. Enter a closing date. …
  6. Decide what you want users to see if they try to save a transaction that is dated prior to the closing date:

For more information and support on Small Business Accounting Software visit Accounting Business Solutions by JCS and for services on Sage Software Timeslips visit www.timeslipssupport.com

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